Common Millionaire Traits
Common Millionaire Traits
Hi Radus,
I have been writing to you for weeks about the process of building wealth and getting to a 7 figure net worth.
This week I thought it would be helpful to look at the qualities possessed by most self-made millionaires. Many books have been written on the subject and clearly different authors approach the subject from different perspectives. Nonetheless, it is interesting to note some of the commonly agreed upon millionaire traits.
* Most millionaires hold integrity as one of their highest values. Contrary to the old “Robber Barron” image, they believe in honesty and fairness and believe that trust is one of the most important factors in any kind of relationship.
* They are optimistic people. They look for ways to achieve rather than excuses to fail. They are adept at seeing the opportunities in a bad situation and learn valuable lessons even when they make mistakes.
* Millionaires are disciplined people. They apply the principle of self control. They do the things that need to be done even when they would rather be doing something else.
* They are risk takers when the rewards are worth it. They take action when opportunities present themselves, in a deliberate, calculated way.
* Millionaires work harder than most but usually love their jobs. Many have the attitude that they have never worked a day in their lives because of the enjoyment of what they do.
* Yet, they are not workaholics. They are masters of time management. They believe in periods of focused effort for maximum results, which gives them time to do other things.
* One of the important things they do with that time is to manage their money. The overwhelming majority of them handle their own investment decisions.
* Millionaires understand the importance of taxes in the wealth building process. Over 70% regularly consult their accountants and/or attorneys for tax strategies, investment and legal advice.
* They truly believe in the concept of life balance. They spend lots of time with family and friends and enjoy many other activities. They believe that you can still enjoy life and become wealthy.
* Many millionaires have had very diverse experiences. They have done very different things in their lives. This diversity of exposure enables them to recognize opportunities. It’s tough to recognize opportunities when you’ve only done one thing all your life.
* They are master-multitaskers. They have created multiple income streams from very diverse sources. Let’s look at a few of the best.
Warren Buffett owns Geico Insurance, Net Jets Aviation, Nebraska Furniture Mart, Pampered Chef, and Fruit of the Loom, Dairy Queen, Benjamin Moore Paints, Sees Candy, Kirby Vacuum Cleaners and World Book Encyclopedia. And this is just a sampling of the companies he controls!
Donald Trump has real estate interests, casinos, hotels, Trump University, is the star of the Apprentice TV show, publishes books, and owns the Miss Universe, Miss America and Miss Teen U.S.A. Pageants.
Magic Johnson made millions playing basketball and endorsing products. He had a TV show and still works as a sports analyst. He also owns Starbucks, TGIF and Fat Burger Franchises, and the Magic Johnson Theaters. He develops residential and commercial real estate, has a clothing line and sells a basketball skills video.
Granted, these folks are the “superstars” of millionaires but they didn’t start that way. They’ve traveled the journey to where they are by highly developing the characteristics listed above.
Until next time,
Fly High, Fly Fast but Fly Safe.
Captain “T”
Copyright 2008